UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________
FORM 8-K
______________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report
(Date
of earliest event reported)
September
13, 2012
______________
DEVRY
INC.
(Exact
name of registrant as specified in its charter)
______________
|
Delaware |
1-13988 |
36-3150143 |
|
(State of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
3005 Highland Parkway Downers Grove, Illinois |
60515 |
|
(Address of principal executive offices) |
(Zip Code) |
(630) 571-7700
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
______________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
On September13, 2012, DeVry Inc. (“DeVry”) issued a press release describing strategic growth opportunities and providing an update on enrollments at Carrington College and Carrington College California at the BMO Capital Markets’ Back to School Conference.
The full text of this press release is included in Exhibit 99.1 in this Form 8-K.
Forward Looking Statements
Certain statements contained in this Form 8-K and related press release, including those that affect DeVry’s expectations or plans, may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as DeVry Inc. or its management “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “foresees,” “intends,” “plans” or other words or phrases of similar import.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause DeVry’s actual results to differ materially from those projected or implied by these forward-looking statements. Additional information regarding factors that could cause results to differ can be found in DeVry’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012.
These forward-looking statements are based on information as of September 13, 2012, and DeVry assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Item 8.01. Other Events.
Due to a typographical error, DeVry errantly reported that it expects capital expenditures for fiscal year 2013 in Item 7 on page 72 of DeVry’s Annual Report on Form 10-K for its fiscal year ended June 30, 2012 (the “2012 Form 10-K”), to be in the $50 million range. The correct estimated capital expenditure amount is in the $150 million range.
No Items of the 2012 Form 10-K other than Item 7 are being updated by this filing. Information in the 2012 Form 10-K is generally stated as of June 30, 2012 and this filing does not modify or update in any way the disclosures made in the 2012 Form 10-K or reflect any subsequent information or events other than as described above. This Current Report on Form 8-K should be read in conjunction with the 2012 Form 10-K.
Item 9.01. Financial Statements and Exhibits.
| 99.1 | Press Release dated September 13, 2012. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
DEVRY INC. |
|||
| (Registrant) | |||
| Date: |
September 13, 2012 |
By: |
/s/ Timothy J. Wiggins |
|
Timothy J. Wiggins |
|||
|
Senior Vice President, Chief Financial Officer and Treasurer |
|||
EXHIBIT INDEX
|
Exhibit |
Description |
| 99.1 |
Press Release dated September 13, 2012 |
Exhibit 99.1
DeVry Comments on Strategic Growth Opportunities and Turnaround Plan at BMO Conference
Expects continued growth in Brazil and a positive enrollment comparison at Carrington as part of first quarter results
DOWNERS GROVE, Ill.--(BUSINESS WIRE)--September 13, 2012--Appearing at the BMO Capital Markets’ Back to School Conference, Daniel Hamburger, president and chief executive officer, of DeVry Inc. (NYSE:DV), a global provider of educational services, today commented on the significant growth opportunities he sees for DeVry in the coming years. Hamburger focused on DeVry’s progress in Brazil and reinforced the organization’s commitment to improving its performance improvement at DeVry University and Carrington Colleges Group.
Earlier this month, DeVry acquired Faculdade do Vale do Ipojuca (FAVIP). FAVIP is now a part of DeVry Brasil, which currently operates Faculdades Fanor located in Fortaleza; AREA1 and Ruy Barbosa, both located in the city of Salvador; and FBV located in the city of Recife. Together these four institutions currently educate about 27,000 students.
Hamburger highlighted Brazil’s strong and vibrant economy, its stable regulatory environment for education, and the country’s embrace of private sector education as three of the primary reasons for the market’s substantial growth. Brazil is the seventh largest economy in the world. The number of higher education students in the country has quintupled during the past two decades from 1.2 million students in 1992 to more than six million currently.
“The private sector accounts for more than 70 percent of all higher education students,” said Hamburger. “We have been very successful since we entered the market in 2009. By the end of fiscal 2013, we expect revenues at DeVry Brasil to reach $80 million to $90 million. Brazil will increasingly become a greater part of our diversification strategy as we continue to seek growth organically and through transactions. We have found that the DeVry brand resonates strongly with students and other institutions in Brazil. Our reputation has enabled us to acquire world-class institutions without an auction process.”
Hamburger then provided an update on DeVry’s cost reduction initiatives and on progress to regain enrollment growth at Carrington College and Carrington College California. In line with its stated goals, DeVry is on track to achieve its savings goals of at least $50 million in fiscal 2013. Carrington anticipates that in October it will report positive new student enrollment growth in the quarter versus the prior year period.
Hamburger added, “We will continue to execute on our performance improvement plan. Our priorities remain reducing costs and regaining enrollment growth at DeVry University and Carrington.”
About DeVry Inc.
DeVry's purpose is to empower its students to achieve their educational and career goals. DeVry (NYSE: DV, member S&P 500 Index) is a global provider of educational services and the parent organization of Advanced Academics, American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine and Veterinary Medicine. These institutions offer a wide array of programs in business, healthcare and technology. DeVry’s institutions serve students in secondary through postsecondary education and professionals in accounting and finance. For more information, please call 630.353.3800 or visit http://www.devryinc.com.
Certain statements contained in this release concerning DeVry's future performance, including those statements concerning DeVry's expectations or plans, may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as DeVry or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, "Risk Factors," in DeVry's most recent Annual Report on Form 10-K for the year ending June 30, 2012 and filed with the Securities and Exchange Commission on August 28, 2012.
CONTACT:
DeVry Inc.
Investor Contact:
Joan Bates, (630) 353-3800
jbates@devry.com
or
Media
Contact:
Larry Larsen, (312) 895-4717
llarsen@sardverb.com